Things to do
House Paterson, NJ
Would you like to buy a house that serves as an investment and a grand residence? Then, Paterson, New Jersey, is among the top places to consider. Passaic County is home to the charming city, which sits on the north-eastern boundary of the state. Two of New Jersey's most rapidly appreciating areas are located here, one of them being Paterson.
There is also an increase in the city's population, which is predicted to rise. Continue reading to learn more about Paterson’s real estate market and why investors place their bets here.
Paterson, New Jersey, on the Passaic River, was once one of the nation's most industrialized cities. It was the country's first planned industrial city and home to some of its oldest textile mills and industries. In 1792, Alexander Hamilton founded the Society of Useful Manufactures (SUM), whose money would be utilized to build what would become Paterson, New Jersey. Hamilton believed the U.S. should build its industry rather than relying on imports. The 77-foot-high Great Falls of the Passaic and a system of water raceways fueled Paterson's industry. To begin with, the region contained dozens of mill buildings and other production structures related to the textile industry. Silk manufacture became the primary industry in Paterson in the late 1800s, earning it the moniker "Silk City." Paterson also saw historic labor upheaval over anti-child labor legislation, workplace safety, a minimum wage, and fair work hours.
Things to do in Paterson
Things to do in Paterson
Paterson has become a hub for immigrants worldwide, making it a destination rich in historical significance and ethnic diversity. So, what is there to expect if you plan to buy a home here? The following are the top things to do in Paterson:
Paterson Great Falls National Historic Park
It's practically unthinkable to tour Paterson without paying a visit to Paterson Great Falls National Historic Park. This park is home to the country's largest waterfalls. The Great Falls of the Passaic River and the surrounding historic buildings and raceways serve as the backdrop for stories about Alexander Hamilton, the Industrial Revolution, the labor movement, and immigrants' significant contributions to America's development. You can take self-guided tours and take plenty of shots of the falls. Free walking tour apps and cell phone tours are additional options to guide you.
The Paterson Museum
The Paterson Museum, founded in the early 1900s, began with a small collection of natural history objects that started in a library and subsequently relocated to the carriage home of a past mayor.
The collection has grown significantly, and the museum is in the restored Thomas Rogers Locomotive and Machine Shop, built-in 1873. Many intriguing records, antiques, and other items honor this city's unique industrial history.
Upper Raceway Park
The Paterson Raceway, which is now part of Upper Raceway Park, is located near the falls. After Alexander Hamilton founded the Society for Establishing Useful Manufactures, the same architect who designed Washington, D.C., designed a "raceway" that diverted water away from the falls and the first mill built on the site.
The raceway was expanded in 1828, and it continued to serve the community for the rest of the 1800s. The raceway now appears abandoned but cool, making it ideal for the enthusiast with a preference for this.
Saddle River County Park
Unless you've had your fill of the falls and want to explore Paterson, consider going to Saddle River County Park. There are approximately 600 acres of property to explore, including ponds, playgrounds, picnic areas, tennis courts, and even a roller hockey rink.
A roughly 7-mile-long walking and cycling track take you over five different bridges for a diversified area view. The park's most noteworthy attractions include Easton Tower, a 20-foot rotational mill that's great for pictures, and the "Hill," a notoriously steep trail. What's more, fishing is permitted in several of the ponds.
Westfield Garden State Plaza
When living in Paterson, you will become accustomed to spending extra time shopping by visiting Westfield Garden State Plaza, which is only five miles from the city center.
Of course, this two-story retail center contains all of your favorites, but it also boasts a premium assortment that you won't want to miss. Burberry, Gucci, Louis Vuitton, Drybar, Tiffany & Co., and Versace are top-tier vendors.
Paterson is in northeastern New Jersey, United States, and Passaic county's county seat. It is located on the Passaic River, 11 miles (18 km) northwest of New York City. It is located in Northern New Jersey, in the northernmost area of Passaic County, which is the north-eastern region of the state. It is roughly 31 miles from New York City, making it the state's second-most populous city. It is approximately eight miles from Newark, its third-most populated city, making it the state's second-most populous city.
In 2020, Paterson had 159k people. The median age was 33.5, and the median income was $45,141. As the city's population grows, more federal funds are available to improve its public services and infrastructure. Approximately 40% of the city's population hails from outside the United States. Newcomers are drawn to Paterson's warm atmosphere and diversified population.
Hispanics are in the majority here, and they make up 61.4% of the population. White non-Hispanics make up 27.2%, and Black or African American people make up 25.7% of the people in the city. Furthermore, Asian residents make up 4.5% of the people in the city, while American Indian and Alaska Native residents make up just 0.2% of the population.
There were 26% of residents who owned their own homes in 2020. The median value of a home there was $257,700. The property market in Paterson, New Jersey, is rapidly appreciating. Two zip codes in the city are seeing the most rapid growth in the state: 07501 and 07522. Real estate values have increased by 32% and 26%, respectively, in these two zip codes.
Consequently, major New Jersey real estate developers are flocking to Paterson. As the city expands, they want to invest in that expansion, and you should too. Shortly, Paterson will see many more large-scale redevelopment projects. So now is the time to buy a house here.
Arts in Paterson
Arts in Paterson
Most of the art in Paterson depicts the industrial history of the city. The city has several museums and art centers dedicated to preserving and displaying this history. For instance, the city of Paterson owns and operates the Paterson Museum in the Great Falls Historic District.
Several relic buildings embody the art and entertainment of Paterson. Among them is the Lambert Castle. Carolina Lambert, the self-made owner of a prominent silk mill in Paterson, built the Catholina Lambert in 1892. The county used one room as an administrative office and gave another to the fledgling Passaic County Historical Society as a museum in 1936. The museum grew room by room until it occupied the entire first floor.
In the late 1990s, the Castle was restored to its former glory and now houses a museum and library on all four floors. The Passaic County Historical Society currently operates and manages the Lambert Castle Museum, which includes historical period rooms, permanent and changing exhibition galleries, educational programs for elementary and middle school students, and a research library/archive.
Furthermore, there is a 75-foot observation tower atop Garret Mountain, while technically in Woodland Park, built when the property was part of Paterson. The building is part of the Garret Mountain Reservation and was renovated in 2009 to its original condition by Lambert, who used the view of the New York City skyline to impress guests.
Schools in Paterson
Schools in Paterson
These are some of the best public schools in Paterson based on many factors, including how well they do in school and how fair they are to everyone: Paterson Charter School for Science and Technology, School of Earth and Space Science, International High School, and Paterson Arts and Science Charter School are just a few of the city's top schools. Additionally, there are two major universities in the city. They are the Passaic County Community College and Hohokus School of Trade and Technical Sciences. Each year, these schools produce a large number of students.
Still not convinced that buying a home in Paterson is a good investment? The American Industrial Revolution began in Paterson, New Jersey. It is convenient to get to New York. Its downtown is vibrant and diverse, and the city has a rich history and numerous historic homes. Most importantly, its real estate market offers a wide range of affordable housing options.
What more could one ask of a city? If you can think of any, Paterson most likely has it under its belt. It is, without a doubt, one of the best places to buy your dream home.
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